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Preventing the loss of public funds

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Explain why and how state and local governments should install procedures to prevent loss of public funds.

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The solution discusses preventing the loss of public funds.

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Loss of public funds by state and local governments, either due to misuse or frauds, can be prevented by taking various actions. For example, regular audits should take place to ensure that frauds, manipulations or inappropriate use of funds can be detected at an early stage. Officials must be able to identify "red flags" or unusual set of circumstances that can lead to potential fraud or misuse of funds. The officials should remain alert ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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